NEW YORK: General Electric accused a Siemens Energy AG subsidiary of using stolen trade secrets to rig bids for lucrative contracts supplying gas turbines to public utilities, and cover up improper business gains totaling more than US$1 billion, according to a lawsuit filed on Thursday .
In the course of GE's bid for business with Dominion, the lawsuit alleges, a senior Dominion employee started sending to a Siemens account manager confidential business information GE had submitted. The information also included Dominion's analysis of all bids, giving Siemens a"blueprint" to win contracts worth up to US$340 million with the utility for the business, known as the Peakers Project, GE alleged.
Siemens only alerted GE to improperly receiving the trade secrets 16 months later, in September, through what GE described as a"nothing to see here, folks" letter minimizing the infraction, the lawsuit alleged. Since first improperly receiving the information in May 2019, Siemens has won eight other gas turbine bids over GE's competing proposals valued at more than US$1 billion, the lawsuit alleges.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Siemens Energy CEO says group has received GE lawsuitSiemens Energy has received a lawsuit filed by rival General Electric accusing a unit of the German firm of using stolen trade secrets to rig bids ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Exclusive: Siemens Gamesa, Siemens Energy tap hydrogen boom in wind allianceSiemens Gamesa and Siemens Energy are developing a commercial offshore wind turbine that produces hydrogen via electrolysis, the companies said, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Cameron Diaz on choosing family over Hollywood: 'All of my energy is here'Cameron Diaz retired from acting seven years ago and has since written two best-selling books on wellness and created a wine brand. Now as a mother, she can't imagine returning to Hollywood.
Source: YahooSG - 🏆 3. / 71 Read more »
China accuses energy agency of negligence of environmental protectionBEIJING: A Chinese central government inspection team has accused the country's energy administration of negligence in environmental protection, ... The problem itself is caused by China.😂 MilkTeaAlliance we must standWithHongKong against CCP tyranny &genocide. UN Recognise democratic country Taiwan & stop naive HerbertDiessSyndrome Herbert_Diess VW must SanctionCCP & complicit companies AudiOfficial Audi Audi TaiwanIsNotChina
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SP acquires Engie's 40% stake in Sino-French Energy Services in ChinaSP Group has acquired Engie's stake in Sino-French Energy Services (SFES) in Chongqing for an undisclosed sum, the company said on Wednesday evening. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »